Web Desk — Due to higher interest rates, the passenger car sales had a massive decline of around 80% YoY in February 2023, clocking in at 3,642 units compared to 18,054 units recorded in the same month last fiscal year.
State Bank of Pakistan raised the interest rate to 20% to curb auto imports and cost-led price hikes, the latest data from the Pakistan Automotive Manufacturers Association (PAMA) has shown.
The car sales dropped by 39.5% MoM compared to 6,021 cars being sold in January 2023, on a sequential basis.
The passenger cars production was recorded at 4,708 units in March down by 74.22% YoY and 17.7% MoM compared to 18,263 units produced in February 2022 and 5,723 units produced in January 2023.
Car sales stood at 78,575 in 8MFY23, plummeting by 47% YoY compared to the same period last year. Similarly, the production of cars also took a hit by 43% YoY as it clocked in at 81,809 units only.